Standard Payment Terms for aibl

These Standard Payment Terms (the “Terms”) govern the invoicing, payment, and financial obligations between aibl (“we,” “us,” or “our”) and our clients (“you” or “your”) in relation to the provision of event-based services. By signing a contract, booking an event, or otherwise engaging our services, you agree to be bound by these Terms.

These Terms form part of your contract with aibl. For sponsorship contracts they are read together with the aibl Sponsorship Terms & Conditions, and in the event of conflict those terms take precedence. Capitalised terms used in these Terms and not defined in them have the meaning given in the aibl Sponsorship Terms & Conditions.

1. Payment Schedule and Milestones

Our payment structure is designed to secure your booking and ensure the successful delivery of your event. The schedule that applies to your contract depends on the total contract value, exclusive of VAT, as set out below. All fees agreed in your contract or statement of work are payable in accordance with the relevant tier.

Contracts of £25,000 or under

For any contract with a total value equal to or less than twenty-five thousand pounds (£25,000), the full one hundred percent (100%) of the contract value is due immediately upon the signature and return of the contract. This payment is non-refundable, subject to section 4 below. We will not commence work, secure dates, or confirm your booking until this payment has been received in full in cleared funds.

Contracts over £25,000

For any contract with a total value greater than twenty-five thousand pounds (£25,000), all fees are payable in two equal instalments:

Initial Deposit (50%): A deposit equal to fifty percent (50%) of the total contract value, non-refundable subject to section 4 below, is due immediately upon the signature and return of the contract. We will not commence work, secure dates, or confirm your booking until this initial payment has been received in full in cleared funds.

Final Balance (50%): The remaining fifty percent (50%) of the total contract value is payable no later than thirty (30) days prior to the scheduled date of the event.

If a booking is made within sixty (60) days of the event date, the full one hundred percent (100%) of the contract value is due immediately upon signature.

2. Invoicing and Methods of Payment

We will issue invoices for each applicable payment milestone electronically to the primary billing contact specified in your contract. It is your responsibility to ensure that all billing information, including purchase order (PO) numbers if required by your organisation, is provided to us at the time of signing.

All payments must be made in the currency specified on the invoice via electronic bank transfer to the bank account details provided on our invoices. We do not accept payment by cheque. Any bank charges, transfer fees, or currency conversion costs incurred during the payment process are your sole responsibility and must not be deducted from the invoiced amount.

3. Late Payments and Statutory Interest

Timely payment is a material condition of our contract. If you fail to make any payment due to us by the specified due date, we reserve the right to charge interest on the overdue amount.

In accordance with the Late Payment of Commercial Debts (Interest) Act 1998, interest will accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after judgment. The interest rate applied will be eight percent (8%) above the Bank of England’s base rate from time to time. Furthermore, we reserve the right to claim fixed sum debt recovery costs as permitted under the legislation.

4. Suspension and Cancellation for Non-Payment

If any payment due to us is not received on time (including, for contracts over £25,000, the final balance due thirty (30) days prior to the event), we reserve the right to suspend all preparations and withhold the delivery of services.

Should payment remain outstanding after we have issued a written notice of default, we may cancel your booking entirely. In the event of cancellation due to non-payment, any amounts already paid remain non-refundable, and you will remain liable for any additional costs or third-party commitments we have incurred on your behalf up to the date of cancellation.

Amounts paid are non refundable except where the Contract expressly provides otherwise. Where the Client cancels a sponsorship contract, the cancellation charges in clause 10.3 of the aibl Sponsorship Terms & Conditions apply, and aibl will refund any amount paid in excess of the applicable cancellation charge. Where aibl cancels an event in full without providing a replacement or materially equivalent substitute benefits, clause 13.3 of those terms applies.

5. Disputes and Set-Off

If you dispute any portion of an invoice in good faith, you must notify us in writing within fourteen (14) days of the invoice date, clearly detailing the nature of the dispute. You must still pay the undisputed portion of the invoice by the original due date.

All amounts due under these Terms must be paid in full without any set-off, counterclaim, deduction, or withholding (other than any deduction or withholding of tax as required by law).

6. Taxes and VAT

Unless explicitly stated otherwise in your contract, all fees and charges quoted by aibl are exclusive of Value Added Tax (VAT) or any other applicable sales taxes. Where applicable, VAT will be added to our invoices at the prevailing statutory rate and is payable by you in addition to the base fees.